Aiming to expedite and automate the settlement of invoices issued by suppliers, Bank of Cyprus introduces the all new “Invoice eSettlement” service (Business to Business – B2B) offered through the digital service channels of 1bank.

By using the “Invoice eSettlement” service, the settlement of invoices issued by participating companies can be performed instantly, easily and electronically through the user-friendly 1bank Internet and Mobile Banking.

Practically, 1bank business subscribers, upon receipt of merchandize, they can automatically repay the supplying Company through the “Invoice eSettlement” option in 1bank by entering the customer reference number (provided the supplier is subscribed to the “Invoice eSettlement” service).

Benefits

Instant invoice settlement through 1bank

The payment amount is instantly available for the beneficiary company

Convenience for both the payee and the beneficiary company as the payment is made electronically

The beneficiary company reduces its operating cost by decreasing the cash and cheques handling

Reduction of risks associated with cash management

Avoidance of any amount errors while performing the invoice settlement

“Invoice eSettlement” service characteristics

For 1bank subscribers (Payee)

The service is offered to all 1bank subscribers

The subscribers must have full access or create access to at least one account

The subscribers must be a Digipass owner

The invoice settlement can only be performed by entering the customer reference number which is provided by the supplier company

For beneficiary company subscribed to “Invoice eSettlement” service

To subscribe to “Invoice eSettlement, Company should apply by submitting the relevant application to the Responsible Banker.

1bank will provide through the Responsible Banker the technical requirements that the Company should develop in their system, in order to send and receive data information via API (Application Program Interface)

It is advised that the company has 1bank access to get the necessary information for the invoices settlement through the options Statements > Transaction History and Statements > eStatement

For support you may contact our Telephone Centre between 07:45 and 20:00 (Monday to Friday) at 800 00 800 or +357 22 128000 (from abroad)

Companies who want to reduce their operating costs from cash and cheques handling and also want instant, secure and automated settlement of outstanding invoices, should contact their Personal Bankers or any Bank of Cyprus branch for more information and application for the “Invoice eSettlement” service.